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Sidewinder Update: Petrobras (NYSE: PBR), Kinross Gold (NYSE: KGC)

Brazilian oil name
Petrobras (NYSE: PBR )
did not announce any news this morning, but the stock is currently
up nearly 4% to $39.68 so far today. More than 17,300 front-month
February 39 puts changed hands during the first hour of trading.
The majority of these options traded at 85 cents per contract,
which was below the bid price at the time. Current open interest of
these puts is currenlty 3,300 contracts, suggesting investors took
a moderately bullish position and called for limited downside in
the stock.

Kinross Gold Corp. (NYSE: KGC )
shares climbed 66 cents, or nearly 4%, to $17.31 during the first
hour of trading. The company is scheduled to announce earnings
figures on Feb. 17 after the market closes, and investors expect
earnings of 16 cents a share. More than 13,800 March 17 calls
traded out of the gate, and several blocks crossed the tape at a
premium of $1.30 per contract. This action suggests investors
bought these options on a bet that the stock could climb even
further prior to March options expiration in 38 days.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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